PetroQuest Energy, Inc. ended 2013 with a Company record 302 Bcfe of estimated proved oil and gas reserves having a pre-tax discounted value ("PV-10") including hedges of approximately $479 million. Estimated proved reserves and PV-10 at December 31, 2013 were 33% and 99% higher, respectively, than year-end 2012.
The Company's estimated proved reserves at December 31, 2013 were comprised of 84% natural gas, 6% oil and 10% natural gas liquids. In addition, approximately 81% of the reserves were located in long-lived basins and approximately 67% were proved developed. The Company estimates that it replaced approximately 295% of its production in 2013.